Land Securities doubles profits

Land Securities, which owns the Bridges shopping centre in Sunderland, has enjoyed a strong year

The Bridges shopping centre in Sunderland
The Bridges shopping centre in Sunderland

Land Securities, which owns the Bridges shopping centre in Sunderland, has more than doubled its profits.

Financial results for the year ended March 31, 2014, show profit before tax increased from £533m last year to £1.1bn.

Revenue profit also increased from £290m to £319.6m for company, which over the year, secured £26.6m of development lettings, £23.6m of investment lettings, sales of £920.4m and acquisitions amounting to £209.9m.

Harlan Pollitt, Land Securities’ portfolio manager responsible for the Bridges, said: “It’s been a busy 12 months for the team at the Bridges, who have been working hard to both enhance the shopping environment and manage the space effectively to ensure we have a range of stores people in Sunderland want to visit.

“By listening to our shoppers we’re making strides to bolster our line-up of food operators and have recently welcomed Nudo as Sunderland’s first sushi and hot soup noodles eatery to the scheme.

“We’ve also seen the launch of Foot Locker and Fizzylicious which has added to our footwear and beauty offer. We are in the final stages of negotiations and look forward to making further new retailer announcements shortly, reinforcing the Bridges’ position as a shopping centre the residents of Sunderland can be proud of.

“More so, we recognise the importance of our role as a community champion in Sunderland.”

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